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MiddleGround Capital acquires HLC

MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, has acquired HLC, a distributor of bicycle parts and accessories. 

HLC’s President, Pat McGinnis, will continue to oversee day-to-day operations and its distribution centres across North America.

Headquartered in Lévis, Quebec and Lexington, South Carolina, HLC honours the rich heritage of both the Hawley and Lambert families. The company, which was founded over 75 years ago, is considered a critical distribution partner to well established and start-up brands, providing unparalleled post-sales service. HLC distributes more than 170 leading brands in the cycling world including SRAM, Shimano, Garmin, ABUS, RockShox, Kuat, Tacx and Muc-Off. HLC also has a portfolio of best-in-class owned brands including Evo, WheelShop, PWR bikes and Eclypse.

With MiddleGround Capital’s additional resources and expertise, HLC will be further positioned to continue executing on revenue growth, benefiting from industry tailwinds and long-term partnerships with its vendor and dealer partners. This transaction will enhance HLC’s ongoing efforts to provide its customers with a full spectrum of product offerings across leading brands and new, emerging brands alongside its owned brands.

Lazard acted as exclusive financial advisor to HLC in its sale to MiddleGround Capital.

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